Bears take comfort in the lack of follow through on Thursday’s spike above the 100-DMA ($1216.3) and the relatively bearish close that followed. Key concerns for bears come from O/S studies and the Bollinger band base but bulls now need a close above $1225.0 to ease bearish pressure. Overall a close above the 21-DMA ($1249.0) is needed to end bearish hopes and shift immediate focus back to the $1307.9 2015 high.
RES 4: $1251.6 – Low Jan 29 now resistance
RES 3: $1246.0 – High Feb 10
RES 2: $1236.9 – High Feb 16
RES 1: $1225.0 – Hourly resistance Feb 17
PRICE: $1208.1
SUP 1: $1197.7 – Low Jan Feb 18
SUP 2: $1190.3 – Bollinger band base
SUP 3: $1167.0 – Low Jan 2
SUP 4: $1146.7 – Monthly Low Dec 1
